, 1887-08-11
TRADE STATEMENT.
II. G. Dunn Il Co.'s Regular
Weekly Report.
The Business Outlook not Overly
Encouraging.
Crops Not as Good as Was to be
Expected.

fornia wheat ring teaches the ola les
son that everybody is stronger than
anybody and not even bonanza wealth
can with impunity defy the laws Oh
trade. The effect in the Atlantic
markets through the change in rail
road and telegraph operations cannot
be anticipated. In San Francisco the
results are hidden, the board having
suspended as well as the pool, but
losses of SIX or seven millions will fall
severely somewhere and the wheat
held by rings is said to be 5000 900
bushels in California, 75,000,O0O on
sea and 100000 in Liverpool hangs
over the market threatening continued
depression abroad and here. The
average cost to the ring is said to be
more than wheat brings now in New
York. Final official statements show
153,SSl ,022 bushels net exports for the
year, but of this quantity 9,3OO,OOO
bushels owned by the California ring
abroad are still as much in the way as
If it had never been shipped A slow
movement for some time to come
seems to be probably, which may help
the money market to some extent. !,
Stocks tumblcd again, but have re-
covered little. On Saturday they
averaged five per share lower than
July, two and three lower than in
January and were triile lower than
n year ago, but to-day the market was
stronger Absence Of investors and
absorption OF capital, ETC., and fear OF
consequences of recent failures in
railroad negotiations and in wheat
operations sufficiently explains the
late weakness. Railroads are pressed
by lowest lake rates of the year, three
cents for wheat from Chicago to Buf-
falO and in in June canals moved to
New York 100000 bushels against
100000 by trunk lines, but the main
fact is money has found other uses.
Secretary Fairchild offers TO prepay
interest with rebate and TO buy bonds
if offered low enough. but those who
hold bonds do not need money at n
pinch. Only say 4j,OO0OOO, inte rest
payable to banks on bonds
held is certain to be drawn
unless the rebate is hereafter aban.
doned, and whether banks or perma-
nent holders will sell bonds at accep-
table terms is uncertain. The order,
in short affects monetary confidence
moro than actual supply OF money
with the expectation that less will be
wanted west and south, because banks
there hold 80 900 600 more than II year
ago and $2,OOOOOO more than two
years ago, is met by the fact that loans
of the same banks in the western and
southern states have increased $685.
OOOOOO since last year and %l4200O,-
600 in two years, showing great in
crease in demand for money in enter
prises. Reports from interior points
are almost uniformly favorable, but
money is already reported tight at
Kansas City, Atlanta aud some other
points. The demand appears greater
than the supply at Cleveland and
Omaha and collections are less salts
factory.
At several ccnters crops are less fa-
vorablo. Reports in Michigan and
Georgia and harvesting in the north
west show disappointing results, nc
cording to st. Paul advices, but else
where crops are excellent.
The season is one OF comparative
inactively in trade, but OF preparation
for the future and great confidence is
felt--recenCly, in some quarters less
strongly manifested, At least heavy
shipments OF money to the west and
large engagements for the future to at
tract attention. Boston has put %15,-
100000 into new undertakings and
pledged $50 100000 more. A similar
though smaller drain is felt ut Phila-
delphia and Baltimore.
The treasury has taken from our
market during the week $1O0,000,00O
in gold with substantially no change
in silver and legal tenders. The ad-
vance in rates by the bank of England
though explained by South American
shipments was doubtless calculated to
arrest any movement to this country
but recently exports are not large.
The shipments from New York for
five weeks being seven per cent. below
those of last year, with nine per cent.
increase in imports. Heavy imports OF
iron in June, 1900 tons pig,
81 ,133 scrap and 94665 manufactured
cause less confident tone. Rails are
offered to winter delivery by some
makers at S37 80 Wool is also offered
lower by some holders, and the wool
on goods market shows no great activi-
ty. Print cloths are lower but other
cottons firmly held. In brief, great
speculations have unpleasantly blocked
the wheels of trade in many branches
and obsorbcd or locked up vast sums
OF money which will be- wanted during
the fall. But for their pernicious in
tiuence the outlook would be far more
encouraging.
Business failures for the week num-
ber, for. the United States 1853, for
Canada 20, total 1873, compared with
1874 last week and 154 for the CORES
ponding week of last year.